Dogecoin appears to be following the Bitcoin price’s recent downward spiral. Since the start of this month, the Dogecoin price has lost almost 60% of its value. But is it time to panic?
In May, the market cap of dogecoin, a cryptocurrency that was created in 2013 in response to the Bitcoin community’s “scorn” of the dog-meme, reached a record high of 275 million dogecoins. But, following a 12-day bull run this past week, the market cap has declined to its all-time low of 125 million dogecoins. What will the future hold?
A new month is here, and with it comes a new DogeCoin price analysis. Let’s take a look at the price to date, and see what the next few weeks have in store.. Read more about dogecoin news today and let us know what you think.TL;DR
- Analysis of the dogecoin price shows that the bulls cannot shake off the current bearish trend.
- DOGE’s volatility is forcing the price back into a new bearish zone below $0.3000.
- The DOGE/USD has lost 5% in the past 24 hours as the weekend draws to a close.
Crypto-currency heat map by Coin360 As DOGE struggles with a new downward trend, the altcoin is facing a crisis as its popularity continues to decline. The rise and fall of DOGE can be attributed to social media coverage. He’s been getting more and more negative press lately. Add to that the general negative sentiment in the crypto-currency industry, and we get a sliding DOGE/USD that may not stop at $0.3000. DOGE shares are currently trading at $0.3040 with a downward trend. Cryptocurrency is struggling to form a meaningful pattern on the charts and is simply trading sideways. According to the Dogecoin price analysis, the pair is also trapped in a strict range within the Bollinger Bands. The current trading range is between $0.2889 and $0.3284, and traders have limited options to decipher price action in the coming week. As May draws to a close, all eyes are on the June series, where cryptocurrency enthusiasts expect the negative news to abate. While the world is suffering from the onslaught of the COVID-19 pandemic, more and more economies will come out of lockdown in the next month, which could boost global markets. Whether the cryptocurrency industry will follow suit remains to be seen.
Dogecoin price movement in the last 24 hours: Side grinding with negative pitch
The trend of Dogecoin searches on Google has been decreasing in recent days. This is because the cryptocurrency cannot shake its downward trend, unlike most other altcoins. The pair dropped from $0.3608 to a low of $0.2808, halting DOGE’s uptrend. Widespread research on dogecoin is evidence of this disinterest. The price is currently at $0.3040, well below the 50-day simple moving average. The same 50-day moving average at $0.3700 is quickly becoming long-term resistance. Analysis of the Dogecoin price shows that the bulls have repeatedly failed to push the price above $0.3800. Throughout the May series, they failed to protect their important strongholds. Most of the daily and weekly technical indicators have turned neutral as a result of the pair’s prolonged consolidation. Continued bearish sentiment will only lead to a weak recovery in DOGE/USD. According to Dogecoin’s long-term price analysis, the pair is likely to continue consolidating near the $0.3000 level in the first week of June.
4-hour DOGE/USD chart: No clear signs from technical indicators
Dogecoin Price Chart by TradingView The hourly chart of the DOGE/USD pair shows a strange combination of technical indicators. The price is trading sideways on small candles, which only makes things more confusing. Most notable is the appearance of a bearish doge on Doge’s weekly long-term chart. This points to further weakness in June. Investors and traders face a dilemma with the DOGE/USD chart unable to break through key resistance levels. The continuation of the bearish trend should be reflected on the charts when the DOGE/USD pair breaks below the $0.3000 level. Dogecoin price analysis shows that the descending price channel will first consolidate support at $0.2800 and then at $0.2500. In the worst case scenario, sellers could take the pair to $0.1 in the June range, breaking the bearish channel. As a result, the DOGE could test crucial support levels in June. If there are no serious buys, the bears could intensify the selling and drive volumes down further. Historically, cryptocurrencies have experienced slow growth in June. Such muted price action in June will only continue to push the bears to new lows, according to Dogecoin price analysis.
Dogecoin Price Analysis Number: June will not dramatically change the fate of DoJ
Dogecoin remains a popular crypto-currency despite its recent volatility. Despite a slight drop in popularity, the DOGE/USD is still attracting new and experienced traders. Every now and then, a few comments or tweets from Elon Musk give it a boost. He recently proposed a different scenario for the use of Dogecoin. Currently, traders do not have to make long-term trades. Instead, they should choose small resistances for long positions. With the May range ending, traders should target the $0.3800 resistance before aiming for $0.5000 to reverse the downtrend against the bears. We should look out for support at $0.2700, as volatility could raise new concerns about Dogecoin. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Dogecoin price analysis: Will Doge be the darling of speculators in June? As most of the world is now aware, Dogecoin went from one of the most popular altcoins in the world to an absolute joke in just a few months. Sure, this wasn’t the first time a cryptocurrency has had a “bad year”, but it’s certainly the first time a currency has shot up as much as Doge went down. Before, when altcoins like Dogecoin were on the rise, many of the top trading exchanges were still only offering three or four altcoins. But as Dogecoin has collapsed in price, many more altcoins have become available.. Read more about dogecoin price prediction 2025 and let us know what you think.
Frequently Asked Questions
Will Dogecoin reach $5?
On May 29th, the price of Dogecoin started to rise, and it has been going up ever since. The first indication of a price surge was that Dogecoin reached 100 million in market capitalization, which was followed by a $1 price increase on June 1st. The price increased rapidly, reaching $5 on June 18th, an even greater increase than the one we saw when Dogecoin reached 100 million. So, what can we expect in the future? Well, from the chart, we can see that the price is on a possible uptrend, with a large pullback expected in the next few days. If the price continues to rise, Dogecoin could even reach $7. Dogecoin, known affectionately among the cryptocurrency world as “the meme coin”, has been one of the few bright spots in an otherwise lackluster year for digital currencies, and it has been on a tremendous run of late, hitting the $2 mark for the first time in its life in May, and then hitting $3 in June and breaking that barrier again and again. Now, it may be only a matter of time before it reaches $5.
Will Dogecoin ever reach $1 2020?
Dogecoin (DOGE) has shown steady price growth over the last year. The coin hit an all-time high of $0.00165 on December 18, 2015, and has continued to grow in price ever since. In the last week of May, Dogecoin price hit an all-time high of $0.001685, which was a massive spike in price. The coin is currently trading for $0.001263. For those who might not know, dogecoin (DOGE) is a cryptocurrency that operates on the block chain, the same like Bitcoin. Its worth, however, has fluctuated wildly. It was at a high of more than $0.30 on June 17th, and sat at an even $0.03 on June 20th. Since then the price has fallen back to less than $0.10. The reason for this drop in value is because the Dogecoin Foundation decided to raise funds via a crowdfunding campaign. It managed to raise $30,000 from the campaign. So far, it has been a success. However, the effects of this will not be felt until July.
How much will Dogecoin be worth in 5 years?
Dogecoin is one of the most unlikely stories in cryptocurrency, and as such is one of the most interesting as well. In 2013, the altcoin started out as a joke—a meme based on the Shiba Inu meme—but in 2014 it became a genuine contender and is now one of the biggest cryptocurrencies in existence. So, will Dogecoin join the ranks of bitcoin and ethereum, or is it destined to fail? Dogecoin has been a lightning rod for controversy in the Crypto world, and whether that’s because it’s an interesting new currency, or not, it has been a rollercoaster ride since its launch. It started as a joke, and has evolved into a very serious contender in the value of virtual currency. In this post, we will explore the future of Dogecoin in the universe of virtual currency and cryptocurrency.
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